Albaraka Banking Group said its Turkish subsidiary has mandated several major banks to arrange a $150 million dual-currency syndicated finance facility to expand its activities in the country.

Albaraka Türk said the banks involved in the arrangement of Murabaha financing facility are ABC Islamic Bank, Emirates NBD Bank, Noor Islamic Bank and Standard Chartered Bank (together the initial mandated lead arrangers and the bookrunners).

As a prominent participation bank in Turkey, Albaraka Türk enjoys a market share of 19.14 per cent  in the participation banking segment by asset size in Q1’ March 2011.

The financing facility has a tenor of one year and carries a profit rate of 150 bppa over the relevant Libor/Euribor.
 
The facility was launched into general syndication last month with banks from across the globe invited to participate in the facility.-TradeArabia News Service